Stimulus check is not the only relief given to taxpayers, but CARES ACT takes care of business suffering on account of Coronavirus pandemic. There are four distinct tax reliefs to businesses that will surely provide badly needed monetary help during these trying times. 1.Five Years Carryback of Business Losses The Tax Cuts and Jobs Act […]
The Federal tax filing due date for 2019 return is 15th July 2020 . Despite the onslaught of deadly Coronavirus pandemic , what is fixed is filing of tax return. So, here is reminder for taxpayers who are not carrying any business or professions- to forget to claim itemised deduction (in case they are not […]
IRS has launched an online form for non-filers , so that IRS can issue stimulus check
IRS has published an excel spreadsheet named Income Tax Withholding Assistant to help small employers compute the amount of federal income tax to withhold from their employeesâ wages. Further, the spreadsheet is designed to help employers for the transition to the new Form W-4 for 2020. Online Income Tax Withholding Calculator We earlier created a paycheck tax […]
If you want to know whether filing tax return is required under law for you , then you must first ask whether you are self employed person or a salaried or a person with income from other sources. This is so because of tax law regarding filing of tax return -Internal Revenue Code section 6612 […]